Facing the future with Philips

So what does the future hold for former Intermagnetics General Corp. CEO Glenn Epstein?

Following Royal Philips Electronic NV’s $1.3 billion acquisition of Intermagnetics, which closed Thursday, Epstein assumed his new role as senior vice president and general manager of
Philips Medical System’s global MRI business, which will be located in Latham.

Epstein has an 18-month contract with Philips that pays him $580,000 a year. But if he is still employed by the company, Philips will be on the hook for a $3.9 million retention bonus
and a performance bonus that could be worth $2.5 million.

That’s a lot of money, so it wouldn’t be a surprise Epstein is gone within a year and a half. Epstein’s words seemed to reflect that uncertain future in an interview Thursday,
although he said he and his family want to remain in the Capital Region.

“I’m comfortable kind of seeing what happens,” Epstein said. “We plan to make this our home for the long term.”

After all, it was the magnetic resonance imaging technology that Philips sought, not the superconducting power transmission cables being developed by SuperPower.

But Philip Pellegrino, SuperPower’s president, was upbeat during an event at The Desmond Hotel & Conference Center.

“The fact we’re in the Philips family is inspiring,” he told The Buzz. While Philips likely will divest SuperPower, that’s no worry.

“It’s good old capitalism at work,” he said. SuperPower’s high-capacity, super-efficient power cables, he said, will make good replacements for aging transmission cables in the
overtaxed utility grid.

“It’s time to replace lines right now,” Pellegrino added. “We need a few more wake-up calls like we had in 2003,” during the Northeast blackout. “Our company wants to be ready
for prime time. And let the billions flow.”